Report
Mats Bye
EUR 91.47 For Business Accounts Only

Dorian LPG (Buy, TP: USD16.00) - Returning profits to shareholders

Dorian LPG has announced a USD100m share buyback initiative, a clear testament that management deems the current trading range to be on the cautious side. With a one-year forward NAV of USD20/share, we agree, and reiterate our BUY and USD16 target price based on a 15% discount to steel values. The market looks to be facing a seasonal slowdown in the coming months, but we see activity picking up towards the summer.
Underlying
Dorian LPG

Provider
DnB Markets
DnB Markets

DNB Markets is the investment banking arm of DNB Bank ASA and is focused primarily on the Nordic region, as well as internationally on niches such as global shipping, energy and related services, and seafood. DNB Markets offers services in FICC, Equities and Investment Banking advisory from offices in Oslo, Stockholm, London, Singapore and New York. Equity research coverage is offered on c250 Nordic companies. DNB was ranked no.2 in Extel Nordic Research 2017. The DNB Markets’ Credit and FICC Macro & FX Research teams are repeatedly highly rated by Prospera Nordic Institutional Investor Surveys.

 

Analysts
Mats Bye

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